Tax Credit Investments (Tables)

3 Months Ended

Mar. 31, 2016

Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments

The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at March 31, 2016 and December 31, 2015.



	March 31, 2016		December 31, 2015
	(in thousands)
Other Assets:
Affordable housing tax credit investments, net	$	31,370	$	32,094
Other tax credit investments, net	64,141		70,681
Total tax credit investments, net	$	95,511	$	102,775
Other Liabilities:
Unfunded affordable housing tax credit commitments	$	7,330	$	7,330
Unfunded other tax credit commitments	6,165		12,545
Total unfunded tax credit commitments	$	13,495	$	19,875

Affordable Housing Tax Credit Investments and Other Tax Credit Investments

The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Components of Income Tax Expense:
Affordable housing tax credits and other tax benefits	$	1,065	$	1,731
Other tax credit investment credits and tax benefits	3,268		3,618
Total reduction in income tax expense	$	4,333	$	5,349
Amortization of Tax Credit Investments:
Affordable housing tax credit investment losses	$	584	$	677
Affordable housing tax credit investment impairment losses	140		488
Other tax credit investment losses	74		297
Other tax credit investment impairment losses	6,466		3,034
Total amortization of tax credit investments recorded in non-interest expense	$	7,264	$	4,496